Why You Need an Experienced, Independent Agent in a “Hard” Market

Industry experts believe that we’re entering into a “hard” insurance market—one that makes it increasingly difficult to find the right coverage, especially for commercial customers.

Why? In 2022, insurance companies lost billions of dollars on the property and casualty side, and 2023 isn’t looking better. Fallout from COVID-19, increased litigation, and ever-present natural disasters have all contributed to the situation.

What should you do to protect yourself in a hard insurance market? Working with an experienced, independent insurance agent is an important step.

How an Independent Agent Can Help

Navigating a hard insurance market can be incredibly frustrating and time-consuming. Partnering with an independent agent (who you trust) can alleviate some of these difficulties by helping you:

Understand your real situation. A good agent will provide the hard cold facts, even when it’s unpleasant. It’s better to know about double-digit rate increases, stricter underwriting guidelines, or limit restrictions sooner rather than later.

Find insurers who are actually willing to write your business. Fewer insurers may be willing to write your business during a hard market, but there are usually still at least a few options—if you know who to talk to. Relying on your agent’s connections, experience, and creativity can prove invaluable.

Anticipate and adapt to changing conditions. Hard markets don’t stay around forever. As the market eventually softens back up, your independent insurance agent can be there to help you proactively adapt.

Need to Talk to an Agent?

Contact us to schedule a call with one of our agents at Kincaid Insurance Group. We’ve been serving the insurance needs of individuals and businesses for more than twenty years—through hard and soft markets.